Haball, a Pakistani supply chain financing and payments fintech, has closed a $52 million pre-Series A funding round comprising equity investment and a strategic financing allocation. Financing is focused on efforts in Pakistan and an expansion into the GCC.
The round’s equity component of US$5 million was led by Zayn VC, a Pakistani venture capital firm. Other investors included Majlis Advisory SPV; several leading private investors in KSA; angel investors, and a business conglomerate. The strategic financing component (US$47 million) was provided by Meezan Bank Limited, a Pakistani Islamic bank, rated AAA/A-1+.
Supply chain finance in Pakistan is nascent but is expected to be worth more than $9 billion; driven by the severe financing gap faced by the country’s SMEs – less than 5% can access financing from commercial banks.
Haball will enter the KSA market in 2025 – to service SMEs and unlock growth opportunities for KSA companies. A regional office will also be opened in the Kingdom. Haball is also exploring additional market entries across the Middle East; such as in the UAE and Qatar; and Asia.
“Pakistan’s supply chain has been ripe for an efficient, transparent solution to overcome major gaps in the country’s business payments and supply chain financing eco-system,” Haball founder and CEO Omer bin Ahsan said. “Widespread digitization of financial systems – as offered by Haball – will drive economic growth and financial inclusion; imperative for SMEs’ success across Pakistan.”
“We also look forward to responding to the significant demand in the GCC for shariah-compliant and SME-focused digital financial services, beginning with our market entry to KSA this year. Further international expansion into markets across the Middle East and Asia – meeting the needs for Islamic finance – also remains a long-term ambition.”
Haball provides shariah-compliant financing to SMEs and multinationals, streamlining transactions via an end-to-end solution that incorporates payment collection, digital invoicing, tax compliance, and financing. It has processed more than $3 billion in payments and disbursed north of $110 million in financing. Customers include nearly 8,000 SMEs across Pakistan, across verticals, and multinationals such as Coca-Cola.
Haball said it has worked closely with regulators, becoming the first Pakistan fintech to receive a license from the Federal Board of Revenue for digital invoicing. The State Bank also selected it as a multi-bank supply chain financing platform and is on track to become a regulated payment initiation service provider with access to Raast – Pakistan’s first instant payment system.
“Our collaboration with Haball represents a shared vision to strengthen Pakistan’s financial infrastructure – unlocking opportunities for SMEs and enhancing the resilience of supply chains, contributing to the broader economic development of the country,” added Syed Tanveer Hussain, group executive, Corporate, Commercial & Investment Banking at Meezan Bank.
“Our investment in Haball aligns with our vision to support innovative financial solutions that have a global impact,” said Faisal Aftab, founder and managing partner at Zayn VC. “With the GCC region’s increasing focus on strengthening supply chain ecosystems, we see tremendous potential for Haball to expand its proven model and address critical financing needs.”